March17, 2026
S&P futures are down 0.3% Tuesday morning, giving back some of Monday’s gains after the S&P 500 rose just over 1%, its best session since the Iran strikes began. Yesterday’s rally was led by big tech, semis, memory, travel & leisure, homebuilders, trucking, and consumer discretionary. Asian markets were mixed, with South Korea up ~1.5% while China lagged. European markets are higher (~+0.3%). Treasuries are little changed to slightly weaker, the dollar is flat, gold +0.3%, silver flat, bitcoin -0.2%, and WTI crude +4% after Monday’s sharp decline.
The oil up / equities down dynamic has re-emerged amid fresh geopolitical escalation. Iran launched new attacks on the UAE, including damage to a tanker in the Strait of Hormuz, while reports indicate limited progress on a U.S.-led escort coalition. Israel also reportedly targeted senior Iranian leadership, with reports that Ali Larijani was killed. Despite the rebound in oil, the equity pullback remains relatively contained, likely reflecting positioning and hedging support.
On the macro front, February pending home sales are due today alongside a $13B 20-year Treasury auction. Focus remains on Wednesday’s PPI release and the March FOMC decision, where the Fed is expected to hold rates at 3.5–3.75% and signal higher inflation expectations for 2026. Thursday brings jobless claims, Philly Fed manufacturing, and new home sales, with no major data Friday.
Company news:
- Focus remains on NVIDIA (NVDA) GTC, with takeaways pointing to potential upside to $1T+ Blackwell/Rubin demand (2025–2027) and a growing emphasis on AI inference, including new Groq 3 LPX systems.
- Reports indicate OpenAI may shift strategy toward coding and enterprise use cases, deprioritizing other segments.
- AeroVironment (AVAV) is acquiring Empirical Systems Aerospace for ~$200M.
- F&G Annuities & Life (FG) announced a $100M share buyback.
- LENSAR (LNSR) declined after Alcon (ALC) terminated its planned acquisition.
U.S. equities rebounded Monday with the Dow +0.83%, S&P 500 +1.01%, Nasdaq +1.22%, and Russell 2000 +0.94%, though indices finished off intraday highs. The move came after three consecutive weekly declines, with strength led by big tech, semis, software, and broader AI-linked names. Rates provided support as Treasury yields fell 5–6 bp across the curve, while the dollar index declined 0.6%. Commodities were mixed, with WTI crude falling 5.3% in volatile trading, while gold (-1.2%) and silver (-0.8%) also moved lower.
The primary macro focus remained the Iran conflict and its implications for global energy markets. Sentiment improved on reports that the U.S. is working to form a coalition to escort ships through the Strait of Hormuz, raising hopes for easing supply disruptions. However, skepticism remains elevated given continued attacks on regional energy infrastructure (including Fujairah) and limited clarity on execution or timing of escort operations. Oil exports from the Middle East are reportedly down ~60% month-over-month, underscoring ongoing supply risk. While the potential for stabilization in energy flows supported equities, uncertainty around the duration and resolution of the conflict remains a key overhang.
Macro data was mixed. The Empire State Manufacturing Index fell to -0.2, missing expectations, with softer shipments offset by modest employment gains and easing input prices. February industrial production rose 0.2% m/m, slightly below consensus, while the NAHB housing market index ticked up to 38, modestly ahead of expectations. Markets are now focused on Wednesday’s February PPI release and the March FOMC decision, where the Fed is widely expected to hold rates at 3.5–3.75%. Updated Summary of Economic Projections (SEP) is expected to reflect higher inflation, slower growth, and higher unemployment forecasts for 2026.
Sector Highlights
Sector performance reflected a risk-on rebound led by growth and cyclicals. Technology (+1.39%), Consumer Discretionary (+1.34%), and Communication Services (+1.02%) led the market, driven by strength in big tech, semis, and AI-related names. Cyclicals including Industrials (+0.85%), Financials (+0.87%), and Materials (+0.57%) also advanced, supported by lower yields and improving sentiment. More defensive sectors lagged on a relative basis, with Consumer Staples (+0.07%) the weakest performer, alongside Energy (+0.38%), which declined on the back of falling crude prices. Utilities (+0.57%), Real Estate (+0.72%), and Healthcare (+0.75%) posted more modest gains, reflecting a rotation away from defensives.
Company News by GICS Sector
Information Technology
- NVIDIA (NVDA) highlighted expectations for $1T in data center revenue through 2027 and unveiled a new inference-focused LPU product at GTC.
- Meta Platforms (META) reportedly planning layoffs impacting 20%+ of its workforce; also announced a $27B, 5-year AI infrastructure agreement with Nebius Group (NBIS).
- Intuit (INTU) is accelerating buybacks and halting scheduled insider stock sales.
- Salesforce (CRM) announced a $25B accelerated share repurchase (ASR) program.
Communication Services
- Alibaba Group (BABA) is reportedly undergoing a major reorganization to focus on AI monetization.
Real Estate
- Public Storage (PSA) agreed to acquire National Storage Affiliates Trust (NSA) in an all-stock deal valued at ~$10.5B, representing a ~35% premium.
Consumer Discretionary
- Dollar Tree (DLTR) reported results largely in line with expectations, with slightly better comps but weaker revenue.
- Caesars Entertainment (CZR) reportedly in takeover talks with Fertitta Entertainment ($32/share), while activist Carl Icahn has offered $33/share.
Financials
- Rocket Companies (RKT) upgraded to outperform, with analysts citing valuation support and improving fundamentals.
- Upstart Holdings (UPST) upgraded on expectations for cost efficiencies tied to a potential bank charter.
Healthcare
- Cogent Biosciences (COGT) gained after FDA acceptance of its NDA for Bezuclastinib.
- BioMarin Pharmaceutical (BMRN) declined after halting trials for VOXZOGO in Turner Syndrome.
Eco Data Releases | Tuesday March 17th, 2026
S&P 500 Constituent Earnings Announcements | Tuesday March 17th, 2026
Data sourced from FactSet Research Systems Inc.
